According to a new survey from Zuban Córdoba, public trust in President Javier Milei has significantly diminished because of his involvement in the LIBRA cryptocurrency scandal with most respondents now showing distrust. The survey conducted from March 12 to March 14 interviewed 1,600 people who showed increasing dissatisfaction with the government.

Survey results at a 95% confidence level with a 2.4% margin of error show 57.6% of respondents distrust the libertarian leader. Following the LIBRA cryptocurrency disaster that caused massive financial losses for many investors public confidence experienced a sharp decline.

The Zuban Córdoba report states that negativity will continue to rise gradually but without any foreseeable limit. Government tone and evaluation continue to consolidate because additional problematic political issues keep appearing on the national agenda. The recent months could be characterized by a series of continuous bloodbaths. The strong assessment reveals the increasing public concern regarding Milei’s leadership.

The crypto scandal led to a survey finding that just 36% of participants trusted President Milei. The undecided group accounted for 6.4% of respondents showcasing substantial public uncertainty. The data shows a substantial negative impact on President Milei’s reputation and public trust.

The president’s public image has taken a major hit as 58.5% of survey respondents view him negatively. Conversely, only 41.1% maintain a favorable opinion. The level of public support for his administration reflects this negative sentiment with 58.4% of people disapproving his management while 41.6% maintain their approval.

On February 14 the LIBRA cryptocurrency scandal broke when Milei advertised the new token through an X (formerly known as Twitter) post that was later removed. The cryptocurrency reached a market capitalization of over $4 billion within hours before plummeting more than 95% due to rapid sell-offs by early investors including alleged insiders.

Blockchain analytics company Nansen identified that both insiders and automated trading algorithms generated $180 million in profits through the scam. A massive 86% of LIBRA investors collectively lost $251 million. Thousands of investors faced ruinous financial damage as a result of the fallout including many who supported Milei.

To address rising public outrage Milei said he only distributed information about LIBRA and didn’t support the project. His explanation failed to lessen public outrage or reduce the legal examination facing him.

A string of criminal complaints against President Milei and his associates has emerged following the scandal while federal authorities in Argentina have initiated a probe into his purported involvement. Milei’s administration faces mounting pressure from the unfolding legal consequences of the LIBRA scandal.

La Libertad Avanza party remains at the top of election polls despite ongoing investigations and public image damage that President Milei faces, with less than two weeks before the October 26 vote. Public support stands at 36.7% for Milei’s party while the opposition coalition Unión por la Patria holds 32.5% support. The scandal has heavily damaged Milei’s reputation, but his political movement remains active and influential.

Data from the survey reveals Milei’s unstable political position and the escalating difficulties he confronts in preserving trust among the public. The progress of the LIBRA scandal investigation raises doubts about the president’s chances of restoring public confidence. The upcoming election will demonstrate if Milei can withstand turbulent times and preserve his political power in Argentina.